Not sure whether renting is right for your family? It can be a great next step for a lot of families, but it’s not for everyone. Here’s what you should think about before making your decision.
What Are the Benefits of Renting for Families?
We seem to be focused on home ownership, but, in fact, there are huge benefits attached to renting a home. Firstly, you don’t get tied down to one single property. This means you have the freedom to move about at will, and that’s something you don’t get with home ownership.
The other benefit is financial. You don’t have to worry about scraping together the money for a huge deposit; you can just pay the rent each month. This means you’ll be able to live in a more favourable location too. And all the boring stuff and upkeep can be dealt with by your landlord.
What Are the Drawbacks?
A lot of families like to have their house in their ownership so they can eventually pass it on to their children. If you’re renting, this isn’t an option though. This is a big drawback for a lot of people, but it might not be a big deal for others.
You should also be aware that pets and renting don’t always mix well. Some landlords won’t let you take your pets into the property, but some will. This is something you’ll have to check before you sign any papers. Your kids won’t forgive you if you have to get rid of the family dog!
Finding the Right Property
Location will be a big focus when you’re renting a family property. You probably don’t want to be located in a city centre, so have a look at the suburbs. You should do as much research as possible on your chosen location before you start viewing properties. Weigh up the pros and cons of each location under consideration.
Your budget will also be a big factor when you’re looking for the right property. Sit down and go through your finances objectively before you decide on your budget. You’ll regret not doing this if you end up paying more in rent than you can really afford.
Closing the Deal
Renting a property isn’t as long a process as buying a house, but there is a lot of paperwork to sort out before the deal is done. You’ll need to check the tenancy agreement carefully before you sign it. Be aware of who is responsible for paying the bills, how long the notice period is, and exactly how much rent you will be paying, as well as reading the security deposit form
and making sure that your deposit is secured and safe for when you move out.
The landlord will then check your references, and you’ll be required to put down a deposit on the property. If you ever fail to pay rent or cause damage to the property, the money will be taken out of your deposit. However, sometimes you may feel like the money has been taken unfairly, either because you had a valid excuse or the damage was caused by improper building maintence. If this is the case, it might be worth considering getting renter’s insurance, which can protect you from unscrupulous landlords.
Renting can be a great option for a lot of families. Even though we focus more on home ownership, renting can be the better route for a lot of families. Hopefully, this quick guide will have helped you make your decision.
